Buying property in Guanajuato is a reasonably straightforward process.

Once you've settled on your favorite property, your agent prepares a written offer to purchase and delivers it to the seller's agent. The offer spells out the proposed price along with terms like how long the offer stands, an inspection request, the preferred notario, deposit and escrow requirements, the closing date, and similar details.

The seller may counter on price, closing date, or any other term. Some offers are accepted on the spot; others bounce back and forth several times before both sides reach agreement.

When the offer is accepted, buyer and seller either sign the original document with the negotiated changes noted, or a clean version incorporating all revisions is drafted and signed by both. Some parties proceed to closing on that offer alone, but it's common for one or both to ask the notario to prepare a more formal Contract to Purchase based on the final terms, which both parties sign as well.

With the Contract to Purchase signed, an escrow account is opened — and everyone signs the escrow agreement too.

Next comes the inspection. The contract usually sets a specific window for the buyer to complete the inspection and send the deposit. Our agency generally works to get the inspection done and the results delivered before the buyer wires the deposit.

Once the inspection report is in and accepted, the buyer transfers the deposit into the shared escrow account — typically 10% of the purchase price plus half of the escrow fees.

That 10% deposit is what officially places the property "under contract," ending showings to other prospective buyers.

Until that deposit lands, however, showings can continue. If a competing offer arrives during this window, it's usually held as a back-up in case your deal falls apart.

While the inspection and deposit are underway, the notario simultaneously prepares — and asks you to sign — the permit that foreign buyers must have to purchase in Mexico, commonly known as the SRE permit.

As closing nears, your agent works with the notario to finalize your closing costs and determine the total you'll need to wire to the escrow company. That final transfer covers the remaining 90% of the price, your closing costs, and a cushion for exchange rate movement. As a rule, the escrow company must receive it three to five days ahead of closing.

Only the day before closing can the notario "fix" the exchange rate to be used — the rate needed to pin down both your exact closing costs and the seller's capital gains tax. With those figures locked in, the agents draft the distribution of funds document that buyer and seller will sign at the closing table.

At closing, the seller's side must present several documents. First is proof that any household employees who worked at the property were formally terminated and paid their legally required severance — protection for the buyer against inheriting labor disputes or liabilities.

Receipts showing property taxes and utilities as paid are presented too. Any unpaid amounts are prorated between the parties and added to or deducted from the distribution of funds.

Both parties then sign the new deed, along with a "know your client" form the notario requires.

When everything is signed — deed and distribution of funds included — the notario securely forwards the documents to the escrow company and authorizes payout under the agreed terms.

Before leaving the closing, you'll receive a simple copy of your new deed. The registered version arrives three to eight weeks later, once it has been accepted and recorded at the public registry.

As we like to say: closing isn't rocket science, but it does involve plenty of hoops and rules that change often. Our agents stay on top of every change, are thoroughly trained in the full process, and work alongside our in-house closing specialist to keep things running smoothly. Count on our experienced team to answer your questions and safeguard your interests from the first step through closing.